Important information Regarding Real Estate Teams
Over the past two years I have published a few articles about the requirement for LLC's/LLP's to hold a real estate license in the name of the entity. In order to so the entity would need a broker of record. This includes Real Estate Teams. A real estate team operating as an LLC must have a license in its name and a broker of record for the entity.
The real estate board has issued a Q and A about this which is important to read if you are operating a Team. This advisory goes on to discuss that the Broker of Record is ultimately the responsible party for the entity, discusses violations of certain names, discusses disbursement of commissions and a variety of important issues. Take the time to read this bulletin and make sure you are in compliance. If you need an individual Broker's License the Massachusetts Academy of Real Estate will have an additional one in February.
Please view the FAQ Questions Below. If you need Broker's License Click Here